With business incubators and organizations across the state helping entrepreneurs go from concept to production as well as easy online access to licensing requirements, business plan templates and start-up FAQs and guides, Oklahoma's pro-entrepreneurship environment now ranks 4th in the nation.
According to the Kauffman Index of Entrepreneurial Activity, Oklahoma had 430 business startups in 2006, compared to 410 a year earlier. This places the state 4th in the country in the number of new businesses started per 100,000 residents.
Nationwide, nearly 465,000 new businesses are created each month. While the rate of entrepreneurial activity has remained remarkably consistent over the past decade, the Kauffman Foundation says subtle year-to-year shifts in the gender, demographic, geographic, and ethnic make-up are changing the public face of the American entrepreneur.
Oklahoma entrepreneurs benefit from many programs and organizations designed to assist new and small businesses, including business incubators; the Oklahoma Center for the Advancement of Science and Technology (OCAST); the University of Oklahoma's Center for the Creation of Economic Wealth; Langston University's new master's program in Entrepreneurial Studies, the Meridian Technology Center's Center for Business Development, and more.
Q — How do I start a business in Oklahoma?
A — Here are the basics that apply to almost all new business start-ups:
Get a Federal Employer Identification Number from the IRS at www.irs.gov or (800) 829-4933.
Register your business with the appropriate state agencies, including:
a. The Secretary of State — This includes checking name availability and protecting your trade name.
b. The Oklahoma Tax Commission — Download this Oklahoma Business Registration Packet.
c. Oklahoma Employment Security Commission — For unemployment insurance regulations and information.
Determine what additional statewide licenses and permits may be required for your business by visiting our Business Licensing System. Check with your local city hall to determine if additional licenses or permits are needed.
Inform yourself! Read and take advantage of all the additional resources available to you on this site and others for how to successfully start and run a business. Can't find what you're looking for? Contact the Commerce 2nd Century Entrepreneurship Center at (800) 879-6552 or email your questions to okstartup@okcommerce.gov.
Q — I've heard there is grant money available to help fund my for-profit start-up business. Where can I find those grants?
A — Typically, grant money is only available to assist non-profit organizations. If your business is non-profit, you will want to start with the www.grants.gov and Foundation Center websites. However, the availability of grant funds for for-profit businesses is extremely limited and typically highly specialized. We have found no consistent, reliable source for small businesses either public or private. We don't want to discourage you from searching for such funding, but the Oklahoma Department of Commerce is not aware of for-profit grant funding.
Q — If grants aren't available, how do I fund my new business?
A — Assistance from personal resources, such as family and friends, followed by traditional financing through a local lending institution where you have an established relationship are the most common methods for funding a start-up business. Some businesses may qualify for assistance in the form of loan guarantees from the Small Business Administration (SBA). In fact, most financial institutions will require an SBA guarantee. Many banks have departments that specialize in SBA lending. An SBA Prequalification Intermediary can help you to prepare your application for a loan. To find the intermediary closest to you, contact the SBA district office in Oklahoma City at (405) 231-5521. Any reputable lender will expect to see a thorough business plan. Visit the Oklahoma Department of Commerce Business Financing section for additional financial resources.
Q — Who can provide assistance for writing a business plan?
A — You can get one-to-one assistance through one of the many Oklahoma Small Business Development Centers located throughout Oklahoma. To find the closest center to you, call (800) 522-6154 or visit the OSBDC website. You may also find business plan help through one of Oklahoma's Career Technology Centers. Visit the CareerTech website to learn more about the help available or call (800) 522-6154. If you prefer to go online to get help, visit the Small Business Administration Business Plan Basics website. To download a Business Plan guide, which walks you through every step of developing a business plan, click below to select the English version or the Spanish version.
Business Plan Guide — English El Plan de Negocios — Spanish
Read more business start-up frequently asked questions.
One of the best ways to become a successful entrepreneur is to learn from other successful entrepreneurs. Listen to this panel of experts from Silicon Valley's Churchill Club, moderated by author and businessman Guy Kawasaki.
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